Is it true that accounting is ingrained to our society and is vital to our economic system?

Question

This is an accounting question.

Answer 1

Perhaps if you're an accountant!

If accountancy is a system of checks and controls underpinned by:
- a common understanding of arithmetic; and
- a set of jurisdiction-dependent legislation

then perhaps it's worth explorer whether these two foundations are the thing that's vital to your economic system (pull out either of them and it probably no longer makes sense to perform accountancy).

Answer 2

Of course, it is. Your mother gives you a $20 bill to go buy something. When you get back, she wants the change.

That's basic accounting, credits and debits.

Answer 3

yes, this is true